The truly secret ingredients for a successful medical business

St Vincent's Clinic | CJU

As a specialised medical marketing company, CJU has had the privilege of working with a wide variety of medical businesses ranging from individual medical practitioners, to high profile national providers and international service and device brands- targeting B2B, B2C and B2G.

An intrinsic part of successful marketing is research and analysis. This aspect of our service has allowed us to closely examine the many different businesses with which we have worked. This includes comprehensive competitor analysis, development and execution of strategies, and the scrutinising of results. This article shares some of the key findings from many thousands of competitive marketing reviews through to the development of executed marketing plans.

So where do successful medical businesses start their journey?

Without a goal – how do you measure your business success?

We all understand that the definition of success is different for each business. Here are some of the most common goals for medical businesses who seek professional marketing assistance:

• Increased market acquisition.
• Diversification.
• Duplication.
• Change of marketplace opinion.
• Improved brand identity.
• Discovery of opportunities.
• Break away from existing and conditioned business pathways.

When we start on the marketing process, we learn that around 80% of businesses aren’t sure of their marketing goals. Their business performance compared to that of their competitors is telling them that they are not achieving their full potential, but there has been no definitive research to clearly identify what is needed for them to reach the next level.

pencil Take a history, undertake an examination, implement action – sound familiar?
As with medicine, business success is based on:
• Understanding the past.
• Examining the present.
• Considering impacts and influences that altered past results and are affecting the current results.

check mark Then implement action
• Develop a strategic action plan (treatment plan).
• Execute the plan.

What are some key criteria to examine?

  • Review positive and negative cash flow changes and business peaks and troughs. Examine the causes. This allows you to capitalise on previous success and prevent future pitfalls.
  • Study the competition. You should know as much as you can about your rival. This helps you to better market and even improve your own offering; to stand out from the crowd – and even use your competitor’s weakness to your advantage.
  • Know your team. This is often overlooked by medical businesses. Acknowledge their performance and capitalise on their strengths. Set KPIs and reward results. Let them know they are valued.
  • Consider new services and offerings. Don’t be stale! Don’t be afraid to shake things up and do things differently. Vive le difference!
  • Check processes to reduce overheads and institute improvements.
  • Test and measure. Check that your ideas are working and getting results. Set short, medium and long-term goals.
  • Listen to the marketplace. Strong positive reviews and word of mouth can boost your business to a completely new level; and negative feedback can cripple it. Separate yourself from any personal feelings. Acknowledge both positive and negative and learn from each.
  • Respond to change. Businesses need to be versatile and flexible and respond to the shifting changes of marketplace needs and demands i.e., the global pandemic.

What qualities do successful medical businesses have in common?

Whether individual practitioners, multi-site practices or multi-nationals, successful medical businesses always have some common ingredients.
• They have clearly identified and articulated goals.
• They analyse; and this makes them focused and confident.
• They monitor performance and results.
• They stay on top of marketplace opinion.
• They have a strong team.
• They know their competitors.
• They adapt and change to meet marketplace needs.

Practical application

Successful businesses realise that marketing, in particular a strong digital presence, is a necessary and standard part of business They include a marketing plan and marketing budget in their annual financial plan and most importantly – when they make a marketing plan, they execute the plan – otherwise it’s all just imagination not application.

Need help?

If you need assistance with developing a plan to grow your medical business, CJU can help. We have worked with medical businesses of all types and sizes to clearly articulate their goals and execute their plans. To discuss your thoughts and needs, call 1300 941 250 and ask to speak with Caroline for a confidential conversation.